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4/16, 5:58 PM (Source: TeleTrader)
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Commerzbank refused merger talks with ING - report

Commerzbank refused to enter merger talks with Dutch ING, German Manager Magazin reported on Tuesday, citing sources close to the matter. ING is also believed to have contacted the German government in regard to the acquisition.

The report claims that ING CEO Ralph Hammers promised fewer jobs would be lost if ING first bought Commerzbank and then sold it to Deutsche Bank. ING also promised to move its operations to Frankfurt. Earlier, it was reported that Unicredit was interested in bidding for Commerzbank.

Commerzbank is currently in talks with Deutsche Bank that would see the two German banking giants as one company, but the European Central Bank set a number of demands for the merger.

Breaking the News / VP